Monopoly Partners Limited - Period Ending 2020-12-31

Monopoly Partners Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 7

Monopoly Partners Limited

Company Information

Directors

A J Newing M M Newing

Registered office

Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

Accountants

Francis Clark LLP Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

Monopoly Partners Limited

Balance Sheet

31 December 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	105,980	113,195
Current assets
Debtors	5	60,426	9,826
Cash at bank and in hand		22,241	66,955
		82,667	76,781
Creditors: Amounts falling due within one year	6	(232,334)	(236,195)
Net current liabilities		(149,667)	(159,414)
Net liabilities		(43,687)	(46,219)
Capital and reserves
Called up share capital	7	100	100
Profit and loss account		(43,787)	(46,319)
Total equity		(43,687)	(46,219)

Monopoly Partners Limited

Balance Sheet

31 December 2020

For the financial year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 27 May 2021 and signed on its behalf by:
 

............................... A J Newing Director

Company Registration Number: 08229369

Monopoly Partners Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2020

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

The principal place of business is:
Galmpton Touring Park
Greenway Road
Galmpton
TQ5 0EP

These financial statements were authorised for issue by the Board on 27 May 2021.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A and the Companies Act 2006. There are no material departures from FRS 102.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The directors of Monopoly Partners Limited have considered the impact of COVID-19.

In the opinion of the directors, with the continued financial support of the company's directors, the company will continue to trade for the foreseeable future, and therefore the finanical statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the rental income and services received or receivable for the provision of holiday lettings in the ordinary course of the company’s activities.

Government grants

Grant income is included in other operating income. During the year the business received a COVID-19 Business Support Grant amounting to £10,000.

Monopoly Partners Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2020

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Motor vehicles	25% straight line
Freehold property	5% straight line
Fixtures, fittings and equipment	25% straight line

Financial instruments

Classification
The company holds the following financial instruments:

• Short term and other debtors and creditors;
• Other loans;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2019 - 0).

Monopoly Partners Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2020

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2020	133,872	3,047	38,917	175,836
At 31 December 2020	133,872	3,047	38,917	175,836
Depreciation
At 1 January 2020	21,198	2,526	38,917	62,641
Charge for the year	6,694	521	-	7,215
At 31 December 2020	27,892	3,047	38,917	69,856
Carrying amount
At 31 December 2020	105,980	-	-	105,980
At 31 December 2019	112,674	521	-	113,195

5

Debtors

	2020 £	2019 £
Trade debtors	11,814	9,024
Other debtors	47,625	-
Prepayments	987	802
	60,426	9,826

Monopoly Partners Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2020

6

Creditors

Creditors: amounts falling due within one year

	Note	2020  £	2019  £
Due within one year
Loans and borrowings		200,000	200,000
Trade creditors		1,633	-
Other creditors		29,063	34,995
Accrued expenses and deferred income		1,638	1,200
		232,334	236,195

Included in loans and borrowings at the year end is £200,000 (2019: £200,000) on which the following security has been provided:

A charge against the assets of the company.

7	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100